Current StatusView additional legislative information at the LPITS web site.Bill Number: 733 Ratification Number: 453 Act Number 369 Introducing Body: Senate Subject: Relating to the South Carolina Retirement System, Police Officers Retirement System and the retirement system for members of the General Assembly so as to provide an additional option for such systems upon retirement
(A369, R453, S733)
AN ACT TO AMEND SECTIONS 9-11-160, AS AMENDED, 9-1-1620 AND 9-9-70, CODE OF LAWS OF SOUTH CAROLINA, 1076, RELATING TO THE SOUTH CAROLINA RETIREMENT SYSTEM, POLICE OFFICERS RETIREMENT SYSTEM AND THE RETIREMENT SYSTEM FOR MEMBERS OF THE GENERAL ASSEMBLY SO AS TO PROVIDE AN ADDITIONAL OPTION FOR SUCH SYSTEMS UPON RETIREMENT.
Be it enacted by the General Assembly of the State of South Carolina:
Additional option
Section 1. Section 9-1-1620 of the 1976 Code is amended by adding at the end:
"Option 5. A member may elect either Option 2 or 3 with the added provision that, in the event the designated beneficiary predeceases the member, the retirement allowance payable to the member after the designated beneficiary's death shall be equal to the retirement allowance which would have been payable had the member not elected the option."
Further
Section 2. Section 9-9-70 of the 1976 Code is amended by adding at the end:
"Option 3. A member may elect either Option 1 or 2 with the added provision that, in the event the designated beneficiary predeceases the member, the retirement allowance payable to the member after the designated beneficiary's death shall be equal to the retirement allowance which would have been payable had the member not elected the option."
Further
Section 3. Section 9-11-150 of the 1976 Code, as last amended by Section 2 of Act 29 of 1977, is further amended by adding at the end:
"Option 4. A member may elect either Option 1 or 2 with the added provision that, in the event the designated beneficiary predeceases the member, the retirement allowance payable to the member after the designated beneficiary's death shall be equal to the retirement allowance which would have been payable had the member not elected the option."
Time effective
Section 4. This act shall take effect upon the approval by the Governor.